Building automation services market to hit $43 bn by 2018
After years of steady but low growth the commercial building automation systems (BAS) market is experiencing a rapid period of change and investment. Traditionally, growth and adoption has been closely tied to new building completion but new entrants and new connectivity are driving greater investment. According to a recent ABI Research, over the next five years the building automation services market will grow to $43 billion, up from $35 billion this year.
Two key factors are driving a new round of growth. Greater environmental and financial demands have raised the appeal of reducing energy consumption in commercial buildings and the benefits for optimizing building automation systems. In addition, a new level of connectivity that stretches the reach of BAS’s from new sensors and actuators through to cloud application management and data analysis, states the report.
“This is a market long dominated by a handful of major players who deploy and manage commercial building management systems,” says Jonathan Collins, principal analyst at ABI Research. “Now these players are developing new ways to integrate and compete with a host of new service offerings.”
Dominant players Siemens, Johnson Controls, Honeywell, and Schneider Electric are increasingly seeing demand for their BAS systems connected to third-party player software as building owners gradually look to gain savings and offer additional level of control within their properties. According to the report, within the BAS market, software and services will see the greatest revenue growth while hardware will lag as the pricing of actuators and switches fall.
- Cloud Majors to Put More Emphasis on Edge Computing: Study
- CISOs Should Help In Building Digital Trust With Consumers, Says Study
- Battling Cyber Risks With Intelligent Automation
- Robotics Jobs Are Seeing A Whopping Rise In India
- Cloud In Industrial IoT To Cross USD 46K Mn By 2026: Research
- Five Key Takeaways From Cisco India Summit 2018
- Firms Unable To Cope With Security Skill Gap, Vendor Sprawl: Study
- Indians Lack Awareness Of Malicious Cryptomining: Study
- The Digital Messiah: Inside Accenture's Innovation Hub
- Do Indian Techies Stand Exposed To The Current Tech Evolution?